cryptocurrency widget, price, heatmap
arrow
Burger icon
cryptocurrency widget, price, heatmap
News/Bitcoin and ETH losing momentum post rate-hike rally

Bitcoin and ETH losing momentum post rate-hike rally

Feb 3 2023

last year6 mins read
news-markets.jpg

Bitcoin has not been able to make any bullish moves despite the recent rate hike. At first, it struggled to break through \(24,000 but now bulls are fighting to maintain \)23,000. While we should see another attempt at \(24,000 and \)24,700, it will be hard for Bitcoin to bounce back if the next attempt fails to breakthrough.

Moreover, the U.S. Nonfarm Payrolls came in at 517,000 — far more than the expectations of 185,000. This release, along with the reduced Unemployment Rate, may cause investors to think twice about the “Fed dovish stance” scenario.

The S&P 500 was able to break above 4,200 but is now back at 4,137. DXY on the other hand was able to maintain its high time frame support around 101.3 and has bounced up to 102.5.

This DXY bounce coupled with the loss of momentum for both stocks and crypto could mark the beginnings of a reversal.

Coin360 (159).png

Top  altcoin gainers and losers

Gainers

Losers

Bitcoin Technical Analysis

Bitcoin price has no new developments and our targets remain unchanged. For the short term, \(24,700 can be expected, however, all the higher time frames and economic factors point towards a correction that will have its first stop at around \)21,500. Volume remains to be low but a lot of future contracts are being sold hence there is an increase in sell pressure overall.

btc3rdfeb.png

Ethereum Technical Analysis

Ethereum is currently down to \(1,638 and looks way more bearish than Bitcoin as liquidity keeps getting moved down to lower levels, such as \)800. For the short term, however, we should see multiple supports starting from \(1,400 as mentioned earlier, and stretching all the way to lower \)1,200. For the coming week if Ethereum is unable to cross \(1,700 with decent volume then \)1,450 will almost be certain..

eth3rdfeb.png

NFT Market Map

Checks (+141.38%) kept reaching new milestones with its 1-NFT-100-meals concept. @jackbutcher announced that the NFTs brought 1,137,500 meals to people who need them.

Opepen Edition (+397.11%) and MERGE (+960.50%), two smaller projects, made their way to the top traded volume list among several giants.

Coin360 (158).png

Coin360 Daily Digest

Here’s a rundown of the major crypto market news from today.

dailydigestfeb3.jpg

For more daily updates and news, follow us on Twitter.

Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

cryptocurrency widget, price, heatmap
v 5.6.31
© 2017 - 2024 COIN360.com. All Rights Reserved.